KEY POINTS
- Former GIIF Chairman Prof. Ameyaw-Akumfi and ex-CEO Solomon Asamoah face charges linked to a $2 million payment for a shelved SkyTrain project, with both granted bail (GH¢10m and GH¢15m respectively) under strict conditions.
- The funds, approved without board oversight in 2019, were intended for feasibility studies but remain unaccounted for, raising allegations of financial misconduct and sparking public anger.
- The trial highlights systemic governance gaps in Ghana’s infrastructure projects, with critics urging stronger accountability to restore trust in public institutions.
An Accra High Court has granted bail to Professor Christopher Ameyaw-Akumfi, former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF), in a high-profile case involving alleged misuse of $2 million in public funds.
The court set bail at GH¢10 million with two sureties, one of whom must provide landed property in Greater Accra as collateral. Professor Ameyaw-Akumfi, who pleaded not guilty to charges of willfully causing financial loss to the state, intentional dissipation of public funds, and conspiracy, was ordered to surrender his passport and report weekly to investigators. His trial, alongside former GIIF CEO Solomon Asamoah, has been adjourned to June 10, 2025.
Asamoah, separately granted GH¢15 million bail earlier, faces identical charges linked to a controversial 2019 payment to Africa Investor Holdings Limited in Mauritius.
Prosecutors allege the funds, earmarked for feasibility studies on Accra’s stalled SkyTrain project, were disbursed without board approval. “The decision to release the funds bypassed due process,” a state prosecutor asserted, noting neither defendant has accounted for the missing millions.
SkyTrain project stalled amidst allegations of financial misconduct
The Accra SkyTrain, a proposed $2.6 billion elevated rail system, promised to transform the city’s transport network by easing chronic congestion. A 2018 memorandum with South Africa’s AiSky Train Consortium outlined plans for a 194-kilometer automated network, but the project collapsed after the $2 million feasibility study payment vanished. Investigations revealed the transfer lacked proper authorization, with Professor Ameyaw-Akumfi claiming in his caution statement, “I authorized the transfer based on a recommendation from the former CEO.”
Ghana Business News reports that public outrage has grown over the case, reflecting broader frustrations with corruption in Ghana’s infrastructure projects. Political analyst Kwame Osei remarked, “This trial is a litmus test for accountability in high-profile governance roles.” The scandal has also drawn attention to Ghana’s struggling Public-Private Partnership (PPP) framework, which President Nana Akufo-Addo recently cited as critical for economic recovery.
Meanwhile, civil society groups like Transparency International Ghana are monitoring the trial closely. Executive Director Linda Ofori-Kwafo warned, “Without convictions, public trust in institutions will further erode.” The case echoes past controversies, including the 2022 $170 million PDS energy scandal, underscoring systemic challenges in managing state funds.
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